Broker Opinion of Value
A Broker Opinion of Value gives you a clear, market-grounded estimate of what your retail, office, or investment property is worth, drawn from real income, comparable sales, and current cap rates. Free, confidential, and without the cost or delay of a formal appraisal.
A Broker Opinion of Value, explained
A Broker Opinion of Value, often shortened to BOV, is a broker’s informed estimate of what a commercial property would realistically sell or lease for in the current market. It is the fastest, most practical way to answer a simple question: what is my property worth today? For most owners weighing a sale, a refinance, or a long-term hold, a BOV gives you the number you need to make a confident decision, without committing to the time and expense of a certified valuation.
Corey O’Kelley prepares each BOV personally, grounded in more than 20 years of specialty finance experience and a deep working knowledge of the Pensacola and Gulf Coast commercial market. This is not an automated estimate or a number pulled from a website. It is a considered opinion of value, built from the same financial discipline he applies to every transaction.
BOV versus a formal appraisal
A BOV and a formal appraisal answer similar questions, but they are very different instruments. A BOV is a broker’s opinion: it is fast, it is free, and it is intended to guide pricing, negotiation, and strategy. A formal appraisal is a certified report prepared by a licensed appraiser to a regulated standard. It carries more formal weight, but it can cost thousands of dollars and take weeks to complete, which is why lenders and courts require one while most owners and investors do not. If your goal is to understand the market and price a property correctly, a BOV is usually the right tool. If a lender, attorney, or tax authority specifically requires a certified appraisal, Corey will tell you so and point you in the right direction.
When a BOV Makes Sense
Most owners request a Broker Opinion of Value at a decision point, when a clear, current number changes what they do next. It is the right tool when you are preparing to sell and need a realistic asking price, weighing an unsolicited offer, or heading into a refinance and want an independent read before your lender orders its own appraisal. It also helps in a partnership buyout, where both sides benefit from a defensible figure to negotiate against, and in early estate, gift, or tax planning alongside your attorney or CPA.
If your situation is not on this list, it is still worth a short conversation. Corey will tell you honestly whether a BOV fits or whether a formal appraisal is the better route.
How Corey arrives at a value
A defensible value range comes from analysis, not guesswork. For income-producing property, Corey reviews the rent roll, operating expenses, and lease structures, including how common area maintenance, or CAM, and other recoveries are handled, then normalizes that income to a true net operating income, or NOI. He evaluates NOI against recent sales comparables and the prevailing cap rates for the asset class and submarket, and weighs the property’s replacement cost and competitive positioning. Where the situation calls for it, he applies an income-capitalization approach and, for more complex assets, a discounted cash flow analysis. The result is a clear, defensible value range you can actually use, not a single number you have to take on faith.
Why Local Market Knowledge Matters
Two commercial properties with similar square footage can carry very different values depending on where they sit and who competes for them. A storefront on Palafox in historic downtown Pensacola draws a different pool of tenants and buyers than a suburban office suite or a highway-frontage retail pad, and each submarket moves on its own rhythm of demand, rents, and cap rates. Corey has spent more than eight years working the Pensacola and Northwest Florida market with a focus on retail and office, and that local read is built into every value range. It is the difference between a number pulled from a formula and one that reflects how your property will actually be received on the Gulf Coast.
Three steps to your number
From your first message to a defensible value range, the process is straightforward and built around your time.
Share the details
Tell Corey about your property: address, type, size, tenancy, occupancy, and zoning. The form below captures everything he needs to get started.
Corey runs the analysis
He reviews income and expenses, normalizes to NOI, and weighs your property against comparable sales and prevailing cap rates for the asset class.
You receive a value range
A clear, defensible value range to guide your pricing and strategy, delivered directly to you, usually within a few business days.
Request a free Broker Opinion of Value
The more you can share, the sharper the analysis. Required fields are marked. Everything you provide stays confidential.
Your information is kept confidential and is used only to prepare your valuation. Corey brings local market expertise across Pensacola, Northwest Florida, and the Gulf Coast to every BOV.
Broker Opinion of Value, answered
Common questions about the broker opinion of value, what it includes, how it differs from a formal appraisal, and why Corey offers it for free.
A Broker Opinion of Value, or BOV, is a broker’s informed estimate of what a commercial property would realistically sell or lease for in today’s market. It is built from the property’s income, comparable sales, and prevailing cap rates, and it gives owners a clear, defensible value range to guide pricing and strategy without the cost of a formal appraisal.
A BOV is a broker’s opinion: fast, free, and intended to guide pricing and negotiation. A formal appraisal is a certified report prepared by a licensed appraiser to a regulated standard, which carries more formal weight but can cost thousands of dollars and take weeks. Lenders and courts typically require an appraisal, while most owners and investors find a BOV is all they need to price a property correctly.
Yes. Corey provides a Broker Opinion of Value at no cost and with no obligation. It is part of how he earns the right to represent your property and a straightforward way to start a conversation about your goals, whether you are ready to act now or simply checking the market.
Most BOVs are delivered within a few business days of receiving your property details. More complex properties, such as multi-tenant assets with detailed rent rolls, may take a little longer so the analysis is done right. Corey will give you a clear timeline when you submit your request.
At a minimum, Corey needs the property address, type, approximate size, tenancy, and occupancy status. For income-producing property, a rent roll, recent operating expenses, and lease details, including how CAM and other recoveries are handled, sharpen the analysis considerably. The request form above captures the essentials, and you can share additional documents once you connect.
Corey normalizes the property’s income to a true net operating income, or NOI, then evaluates it against recent sales comparables and the prevailing cap rates for the asset class and submarket. He also weighs replacement cost and competitive positioning, and where appropriate applies income-capitalization and discounted cash flow analysis to reach a defensible value range. For more on the methodology, see his commercial real estate services.
Where to next
Once you know what your property is worth, these are the next steps most owners and investors take.
Full-Service Advisory
Representation, investment sales, leasing, market analysis, and valuation under one roof.
Investment Property
Income-producing retail and office, analyzed by cap rate, NOI, and hold strategy.
Let’s talk about your next move
Whether you are ready to price a property or just want to know where you stand, a Broker Opinion of Value is the place to start. Corey would be glad to help.